Kenya's economy is considered as one of the fastest growing in Africa. According to World Bank, the country had an average growth of 5.7% (2015-2019) which is a significant development. The tremendous growth was attributed to resilience in the service sector and a solid microeconomic environment.
Although Kenya's economy rose to lower-middle economy level, the country still ranks as a third world country with its population still suffering from regional imbalance, poverty, corruption, and weak private investment. The global Covid-19 pandemic further paralyzed the economy affecting both domestic and external economic activities.
With less than an year left to General Elections, the Country's economy is still at stake making it a key concern. Most politicians seeking to lead the country have prioritized on reviving the economy as their main agenda for 2022. Deputy President William Ruto came up with Bottom Up economies while his main rival Raila Odinga is said to be pushing for Trickle Down economies. So, which model is better for our country?
Ruto's bottom up economic model is mainly focused on empowering Kenyans at the grassroots level. The model advocates injecting resources to the unemployed, hustlers, farmers and small enterprises. According to him, this approach will minimize cartels and ensure Kenyans benefit directly from the government.
Raila's approach however differs from that of Ruto. His model seems to be centered on macroeconomics, aimed at making the country a hub of shipping and aviation, industrialization, manufacturing and diplomacy, and rural approach.
In my own opinion, Raila's approach seems the best. Kenya's economy is built on the pillars of agriculture, tourism, and service sector. Tapping on industrialization and manufacturing will reduce on the Country's imports and expand our export market. Industries act as focal points and the country will benefit from both directly and from the ripple effects.
Ruto's bottom up is good but not for a third world country.
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